1362(b)(5) now gives the IRS the power to correct inadvertent errors in electing S status if the taxpayer shows that it made the mistake inadvertently, qualified to be an S corporation and acted as though it were an S corporation.

If there is both an executor and a trustee, the trustee of the electing trust must timely provide the executor of the related estate with all of the trust information necessary to permit the executor to file a complete, accurate and timely Form 1041 for the combined electing trust and related estate for each taxable year during the election period [Treas.

ELECTING TO RECEIVE IRA distributions over a fixed number of years means the ultimate beneficiaries can continue payments for the remaining fixed number of years the distribution option survives the taxpayer's death.

NEW YORK -- Tri-Continental Corporation (NYSE: TY) today announced that a Special Meeting of Stockholders has been called for September 28, 2006 for the purpose of electing three Directors and voting on an amendment to the quorum provisions in the Tri-Continental Charter.

To make an election out, a taxpayer must attach a statement to his or her gift tax return identifying the trust and stating that he or she is electing out of the automatic allocation of GST exemption with respect to the described transfer(s) (the election-out statement).

The proposed regulations had permitted only two options for electing out of the automatic allocation rules--transferors could elect out as to a current transfer only, or as to a current-year transfer and all future transfers to the same trust.

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